Saturday 16 May 2009

Credit Crunch Causes Cape Verde Development Fallout

There are signs of cracks on the veneer of the property industry of the idyllic island archipelago of Cape Verde. 

A judgement granted against developers Tom Sheehy (Cape Verde Development) and John Cahillane shows the level of distress that is being felt in the industry at the moment, particularly in 'emerging markets' such as Cape Verde. 

The case, brought by Brian Murphy-O'Connor and Ted Whittaker against the two developers, shows just how cashflow in the industry is rapidly running dry. Sheehy doesn't deny the money is owed but, like everyone else, they are finding it difficult to get their hands on funding at the moment.  Under normal market conditions you suspect a case like this would never make it to court. 

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